WTI Crude Oil hit the top (HH 1) of the Rising Wedge and got rejected initially but today we see a strong push back to the top. The 1D technicals are bullish (RSI = 61.888, MACD = 1.310, ADX = 33.690) and probably is what's pushing the price back to test the HH 1 again.
Until the time the HH 1 breaks, we are staying neutral, but with more bearish bias. Those will...
WTI Oil (USOIL) formed yesterday a Death Cross on the 4H time-frame, the first such (bearish) formation in almost 2 months (since November 17 2022). The price got rejected exactly on both the 4H MA50 (blue trend-line) and 4H MA200 (orange trend-line) following last week's rejection (January 03) on the 1D MA50 (yellow trend-line). We covered this on our last week...
Today I would like to talk about LONG TERM TRADE and GAPS on 1D chart for WTI (West Texas Intermediate):
1) 1D CHART is NOT for everyday trader (it's NOT for everyone - it's pretty much for MILIONAIRES) and on LuxAlgo the candles are all PURPLE ---> so nothing IMPORTANT is happening.
2) EVERY GAP MUST BE CLOSED SOONER OR LATER ---> THIS IS HOW THE MARKET...
It is time to update our WTI Oil (USOIL) thesis, which was bullish last week as the Resistance within the Channel Up broke:
This time we see one last rise as a possibility since the price is rebounding on the 4H MA50 (blue trend-line) but limited to the 83.40 Resistance. An exception can be made to an overextension to the 85.00 - 86.00 range on the red zone,...
The WTI Oil (USOIL) is having so far a full-action day as it hit the 1D MA50 (yellow trend-line) for the first time since November 16 and got rejected and tested once again the 4H MA50 (blue trend-line) which has been holding as a Support since December 14.
This is basically the same time when the short-term Channel Up emerged and as you see so far has two clear...
Analysis USOIL (WTI) :
Due to the formation of an upward trend in H4, I expect the price to move up to the specified TPs, observing the stop
👤 Alireza hajighasem : @alirezahajighasem
With this analysis, you will be able to find your most profitable trade. EnclaveFX does not recommend that you buy or sell this assist. We do not take any responsibility for your profits & losses. EnclaveFX believes in enhancing the knowledge of our clients & followers.
Since December 2022, the price of West Texas Intermediate crude oil has been moving choppily between $70 and $83. Currently, one barrel trades near $77.50. We continue waiting on the sidelines for the market picture to clear. However, we are still unconvinced by bullish scenarios for oil, forecasting a return of $100 and above. That is because we already see a...
Pattern = Channel Down on the 1D timeframe
Action = Sell either on the 1D MA50 or the 1D MA100 (both being Resistances with heavy rejections within the pattern) whenever the price hits the double top zone.
Target = 70.10 (Dec 9th low).
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As WTI failed to close the 1D candle above the 1D MA50 (81.07) yesterday, it got rejected and turned heavily bearish after closing below the 4H MA50 (78.66). With 4H now on Lower Lows and the RSI approaching the oversold barrier (RSI = 32.360, MACD = -0.350, ADX = 39.455), we could expect a dead cat bounce to test the 4H MA50 and make the sell entry if you missed...
Since our previous idea, USOIL broke above 80$ and halted its rise slightly below the 50-day SMA. After that, it faltered to 79$ handle where it currently trades. Meanwhile, we noticed bullish calls emerging all over the place. However, while we allow for the possibility of a further price increase, we do not think it will be as dramatic as many people forecast....
In this video, we examine a possible USOil WTI trade idea. The trend, key levels of support and resistance, price action, and a potential trade setup are all discussed. As always, everything explained in the video and this is not intended to be financial advice.
It has been almost 20 days since our buy signal on WTI Oil (USOIL) after it hit the bottom of the (diverging) Channel Down (dashed lines):
As you see, the price hit our target on the top (Lower Highs trend-line) of the previous Channel Down, but yesterday failed to break the 1D MA50 (blue trend-line) and gor rejected downwards. If it breaks and closes above...
Inflation, inflation, inflation.
In China, 15/16 districts have zero Covid cases and all restrictions are set to be cancelled by June.
Globally, the disease is under control - Pretty much insuring a very busy summer for travel.
So fundamentally - Crude oil has plenty of room to rise in the short-term and mid-term.
When we look at the technicals we see :...
WTI Oil (USOIL) has been closely following our recent projections, both the perfect buy entry caught 12 days ago after spotting the Lower Lows bottom fractal similar to September 26, as well as the most recent buy 6 days ago after the 4H MA50 (blue trend-line) held as Support:
We are again on the 4H time-frame, with the price continuing to replicate the...
Hi dear traders.
WTI (Crude OIL) created nice trend channel started from 73.37. Upper border of the channel is 75.60.
Although, oil prices is moving between these prices from 16 December, as soon as it will jump to 77.55 level.
This is my private opinion and this is good opportunity for buyers.
WTI will move down firstly, then possibly...